Solomon Partners Taking 70k Square Feet at 1251 Avenue of the Americas
Investment Bank Relocating to Accommodate Business Growth and Future Hiring
NEW YORK – December 11, 2023 – Solomon Partners announced plans to relocate its headquarters to 1251 Avenue of the Americas at the end of 2024, to accommodate the financial advisory firm’s rapid expansion and plans for continued growth. Solomon signed a 15-year lease for approximately 70,000 square feet spanning the entire 32nd and partial 31st floors of the iconic 53-story skyscraper. Newmark Group, Inc. (NASDAQ: NMRK) represented the tenant and acted on behalf of the landlord Mitsui Fudosan America.
“Despite what you read, it was challenging to locate trophy office space for a growing firm in midtown Manhattan,” said Solomon Partners CEO Marc Cooper. “This new space establishes a larger footprint that accommodates our current employees and supports our firm’s continued growth. As we maintain our hybrid work environment, we want our employees to enjoy coming into the office to collaborate, network, and learn. We believe that having a great office space in one of the most desirable locations is a critical part of the employee experience.”
Originally known as the Exxon Building when it opened in 1970, 1251 Avenue of the Americas spans 6th Avenue from 49th to 50th streets. The east and west concourses connect the building to Times Square and Rockefeller Center, providing easy access to transit and a robust range of services and amenities.
Solomon currently subleases 42,000 square feet from AllianceBernstein at 1345 Avenue of the Americas. The lease expires in December 2024.
In addition to the planned New York expansion, Solomon Partners established an office in the Chicago Mercantile Exchange building in 2021. Due to rapid growth in that region, the firm increased its footprint in the CME space from 5,000 to 15,000 square feet. The two-year-old office is now home base to over 25 employees serving several sectors, including Business Services, Healthcare Services, and Industrials.
Solomon has grown rapidly from approximately 35 bankers with expertise in two industry verticals in 2016 to approximately 160 bankers across 10 coverage groups with expertise in almost 20 industry verticals and more than 200 total employees.